Business models for sustainability: Challenges and opportunities for Africa
1 Sanctus Maris Concepts Ltd.
2 Independent Researcher, Clarksville, Tennesse, USA.
3 Independent Researcher, Abuja, Nigeria.
4 Independent Researcher, Lagos, Nigeria.
Review
Open Access Research Journal of Multidisciplinary Studies, 2022, 04(01), 102–116.
Article DOI: 10.53022/oarjms.2022.4.1.0090
Publication history:
Received on 07 August 2022; revised on 22 September 2022; accepted on 25 September 2022
Abstract:
In recent years, sustainability has emerged as a critical concern for businesses globally, with Africa facing unique challenges and opportunities in this domain. This paper explores various business models for sustainability in Africa, emphasizing their significance in addressing socio-economic issues and environmental challenges. The continent is rich in natural resources and has a burgeoning population, which presents both opportunities for sustainable development and challenges such as poverty, inequality, and environmental degradation. Key challenges include inadequate infrastructure, limited access to financing, and regulatory hurdles that hinder the implementation of sustainable business practices. Furthermore, many African businesses lack the necessary knowledge and resources to adopt sustainable practices, leading to a reliance on traditional models that often prioritize short-term gains over long-term sustainability. This paper discusses innovative business models that can drive sustainable practices, such as circular economy initiatives, social entrepreneurship, and inclusive business strategies that prioritize community engagement and local capacity building. Opportunities for sustainability in Africa are also significant. The growing awareness of environmental issues, coupled with increasing consumer demand for sustainable products, presents a fertile ground for businesses to innovate. Leveraging technology, such as mobile applications and renewable energy solutions, can enhance efficiency and reduce environmental impact. Additionally, public-private partnerships can facilitate knowledge transfer and resource mobilization to support sustainable business initiatives. This paper concludes that while challenges persist, Africa has the potential to lead in sustainable business practices by harnessing local resources, fostering innovation, and encouraging collaboration among stakeholders. By embracing sustainable business models, African countries can not only address pressing challenges but also create economic opportunities that contribute to the continent's growth and resilience. Ultimately, this research highlights the need for a collective effort among businesses, governments, and civil society to promote sustainable practices that benefit both the economy and the environment.
Keywords:
Sustainability; Business Models; Africa; Challenges; Opportunities; Circular Economy; Social Entrepreneurship; Innovation
Full text article in PDF:
Copyright information:
Copyright © 2022 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0